(1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nTotal segment operating income and diluted EPS excluding certain items (also referred to as adjusted EPS) are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes and diluted EPS, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Key Points:<\/span><\/b><\/p>\n\n- \nEntertainment: Segment operating income of $1.3 billion, a $0.5 billion increase versus Q2 fiscal 2024<\/p>\n
\n- \nDirect-to-Consumer operating income increased $289 million to $336 million\n<\/li>\n
- \n180.7 million Disney+ and Hulu subscriptions, an increase of 2.5 million versus Q1 fiscal 2025\n<\/li>\n
- \n126.0 million Disney+ subscribers, an increase of 1.4 million versus Q1 fiscal 2025\n<\/li>\n
- \nLinear Networks operating income grew 2%; year-over-year growth includes a comparison to $89 million of operating income in Q2 fiscal 2024 from Star India\n<\/li>\n<\/ul>\n<\/li>\n
- \nSports: Segment operating income of $687 million, a decrease of $91 million versus Q2 fiscal 2024<\/p>\n
\n- \nHigher programming and production costs primarily due to airing three additional College Football Playoff games and an additional NFL game\n<\/li>\n
- \nSports revenue increased 5%, reflecting 7% Domestic ESPN revenue growth\n<\/li>\n
- \nDomestic advertising revenue growth of 29%, reflecting a 16 ppt benefit from a change in format of the College Football Playoff and airing additional College Football Playoff and NFL games\n<\/li>\n
- \nSports operating income was adversely impacted by a write-off due to exiting the Venu joint venture\n<\/li>\n<\/ul>\n<\/li>\n
- \nExperiences: Segment operating income of $2.5 billion, an increase of $0.2 billion versus Q2 fiscal 2024<\/p>\n
\n- \nDomestic Parks & Experiences operating income grew 13% to $1.8 billion\n<\/li>\n
- \nConsumer Products operating income grew 14% to $0.4 billion\n<\/li>\n<\/ul>\n<\/li>\n
- \nShare Repurchases of $1 billion in the quarter, keeping us on pace to repurchase $3 billion for the year\n<\/li>\n<\/ul>\n
Guidance and Outlook:<\/span><\/b><\/p>\n\n- \nQ3 Fiscal 2025:<\/p>\n
\n- \nEntertainment Direct-to-Consumer: Modest increase in Disney+ subscribers compared to Q2 fiscal 2025\n<\/li>\n<\/ul>\n<\/li>\n
- \nFiscal Year 2025:<\/p>\n
\n- \nAdjusted EPS(1)<\/sup> of $5.75, an increase of 16% over fiscal 2024\n<\/li>\n
- \nCash provided by operations of $17 billion, a $2 billion increase over prior guidance driven by the deferral of tax payments\n<\/li>\n
- \nEntertainment: Double-digit percentage segment operating income growth\n<\/li>\n
- \nSports: 18% segment operating income growth\n<\/li>\n
- \nExperiences: 6% to 8% segment operating income growth\n<\/li>\n
- \nDisney Cruise Line pre-opening expense of ~$200 million, with ~$40 million in Q3 and ~$50 million in Q4\n<\/li>\n
- \nEquity loss from India JV of ~$300 million driven by purchase accounting amortization\n<\/li>\n<\/ul>\n<\/li>\n
- \nWe continue to monitor macroeconomic developments for potential impacts to our businesses and recognize that uncertainty remains regarding the operating environment for the balance of the fiscal year\n<\/li>\n<\/ul>\n
Message From Our CEO:<\/span><\/b><\/p>\n\n\u201cOur outstanding performance this quarter\u2014with adjusted EPS(1)<\/sup> up 20% from the prior year driven by our Entertainment and Experiences businesses\u2014underscores our continued success building for growth and executing across our strategic priorities,\u201d said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. \u201cFollowing an excellent first half of the fiscal year, we have a lot more to look forward to, including our upcoming theatrical slate, the launch of ESPN\u2019s new DTC offering, and an unprecedented number of expansion projects underway in our Experiences segment. Overall, we remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.\u201d\n<\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n (1)<\/sup><\/p>\n<\/td>\n | \n\n \nDiluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. The most comparable GAAP measure is diluted EPS. See the discussion on pages 17 through 21 for how we define and calculate this measure, a historical quantitative reconciliation thereof to the most directly comparable GAAP measure and why the Company is not providing the forward-looking quantitative reconciliation of diluted EPS excluding certain items to the most comparable GAAP measure.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n SUMMARIZED FINANCIAL RESULTS<\/b><\/p>\n \nThe following table summarizes second quarter results for fiscal 2025 and 2024:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions, except per share amounts)\n<\/p>\n<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenues\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n23,621\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n22,083\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n48,311\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n45,632\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome before income taxes\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,087\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n657\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6,747\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,528\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n91\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal segment operating income(1)<\/sup><\/p>\n<\/td>\n| \n \n$\n<\/p>\n<\/td>\n | \n \n4,436\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,845\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9,496\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n7,721\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted EPS\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1.81\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.01\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nnm\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3.21\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1.03\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted EPS excluding certain items(1)<\/sup><\/p>\n<\/td>\n| \n \n$\n<\/p>\n<\/td>\n | \n \n1.45\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1.21\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3.22\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2.44\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n32\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by operations\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6,753\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,666\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n84\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9,958\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,851\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n70\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFree cash flow(1)<\/sup><\/p>\n<\/td>\n| \n \n$\n<\/p>\n<\/td>\n | \n \n4,891\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,407\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,630\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,293\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n71\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nTotal segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n SUMMARIZED SEGMENT FINANCIAL RESULTS<\/b><\/p>\n \nThe following table summarizes second quarter segment revenue and operating income for fiscal 2025 and 2024:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenues:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEntertainment\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n10,682\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9,796\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n21,554\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n19,777\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSports\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,534\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,312\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,384\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,147\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExperiences\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,889\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,393\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18,304\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n17,525\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEliminations(1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(484\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(418\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(16\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(931\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(817\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(14\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal revenues\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n23,621\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n22,083\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n48,311\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n45,632\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSegment operating income:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEntertainment\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,258\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n781\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,961\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,655\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n79\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSports\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n687\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n778\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(12\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n934\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n675\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n38\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExperiences\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,491\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,286\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,601\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,391\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal segment operating income(2)<\/sup><\/p>\n<\/td>\n| \n \n$\n<\/p>\n<\/td>\n | \n \n4,436\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,845\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9,496\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n7,721\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nReflects fees paid by (a) Hulu to ESPN and the Entertainment linear networks business for the right to air their networks on Hulu Live and (b) ABC Network and Disney+ to ESPN to program certain sports content on ABC Network and Disney+.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nTotal segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 17 through 21.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n DISCUSSION OF SECOND QUARTER SEGMENT RESULTS<\/b><\/p>\n Star India<\/span><\/b><\/p>\n\nOn November 14, 2024, the Company and Reliance Industries Limited (RIL) completed the formation (the Star India Transaction) of a joint venture (India joint venture) that combines the Company\u2019s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) with certain media and entertainment businesses controlled by RIL. RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% held by a third party investment company.\n<\/p>\n \nUpon completion of the Star India Transaction, the Company began recognizing its 37% share of the India joint venture\u2019s results in \u201cEquity in the income of investees.\u201d Star India results through November 14, 2024 are consolidated in the Company\u2019s financial results.\n<\/p>\n Entertainment<\/span><\/b><\/p>\n\nRevenue and operating income for the Entertainment segment were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenues:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLinear Networks\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,418\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,765\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(13\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,035\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,568\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDirect-to-Consumer\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,118\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,642\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12,190\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,188\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nContent Sales\/Licensing and Other\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,146\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,389\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,329\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,021\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n43\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n10,682\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9,796\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n21,554\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n19,777\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income (loss):\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLinear Networks\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n769\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n752\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,867\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,988\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(6\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDirect-to-Consumer\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n336\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n47\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n629\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(91\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nnm\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nContent Sales\/Licensing and Other\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n153\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(18\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nnm\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n465\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(242\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nnm\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,258\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n781\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,961\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,655\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n79\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Direct-to-Consumer and Content Sales\/Licensing and Other.\n<\/p>\n Linear Networks<\/i><\/p>\n \nLinear Networks revenues and operating income were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,195\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,269\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n223\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n496\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(55\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,418\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,765\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(13\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n625\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n520\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n92\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(84\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in the income of investees\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n129\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n140\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n769\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n752\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Domestic<\/span><\/p>\n\nDomestic operating income in the current quarter increased compared to the prior-year quarter due to:\n<\/p>\n \n- \nA decrease in marketing costs primarily attributable to fewer new shows at our cable channels and lower marketing costs at ABC Network reflecting more season premieres in the prior-year quarter\n<\/li>\n
- \nLower programming and production costs driven by lower average cost programming at our cable channels, partially offset by a higher average cost mix of programming at ABC Network\n<\/li>\n
- \nA decrease in technology costs\n<\/li>\n
- \nAffiliate revenue was comparable to the prior-year quarter as higher effective rates were offset by fewer subscribers\n<\/li>\n
- \nA decrease in advertising revenue due to lower rates and fewer impressions attributable to lower average viewership\n<\/li>\n<\/ul>\n
International<\/span><\/p>\n\nThe decrease in international operating income was due to the Star India Transaction.\n<\/p>\n Direct-to-Consumer<\/i><\/p>\n \nDirect-to-Consumer revenues and operating income were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6,118\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,642\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n336\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n47\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe increase in operating income in the current quarter compared to the prior-year quarter was due to:\n<\/p>\n \n- \nSubscription revenue growth attributable to higher effective rates, reflecting increases in pricing, and more subscribers, partially offset by an unfavorable foreign exchange impact and the absence of Star India subscription revenue in the current quarter due to the Star India Transaction\n<\/li>\n
- \nAn increase in advertising revenue due to growth in impressions, partially offset by lower rates\n<\/li>\n
- \nHigher technology and distribution costs\n<\/li>\n
- \nAn increase in programming and production costs reflecting:<\/p>\n
\n- \nHigher subscriber-based license fees attributable to rate increases for programming the Hulu Live TV service and more subscribers to bundles with third-party offerings, including premium add-ons\n<\/li>\n
- \nThe absence of Star India programming costs in the current quarter due to the Star India Transaction\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Key Metrics – Second Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2025<\/span><\/p>\n\nIn addition to revenue, costs and operating income, management uses the following key metrics(1)<\/sup> to analyze trends and evaluate the overall performance of our Disney+ and Hulu direct-to-consumer (DTC) product offerings, and we believe these metrics are useful to investors in analyzing the business. The following tables and related discussion are on a sequential quarter basis.\n<\/p>\nPaid subscribersat:<\/i><\/p>\n\n\n| \n \n(in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nDecember 28,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDisney+\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic (U.S. and Canada)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n57.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n56.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n68.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n67.8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Disney+(2)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \n126.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n124.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHulu\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSVOD Only\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n50.3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n49.0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLive TV + SVOD\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n4.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Hulu(2)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \n54.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n53.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Average Monthly Revenue Per Paid Subscriber for the quarter ended:<\/i><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nDecember 28,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDisney+\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic (U.S. and Canada)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8.06\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n7.99\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7.52\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7.19\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDisney+\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7.77\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7.55\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHulu\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSVOD Only\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12.36\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12.52\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLive TV + SVOD\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n99.94\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n99.22\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nSee discussion on page 16\u2014DTC Product Descriptions and Key Definitions\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nTotal may not equal the sum of the column due to rounding\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDomestic Disney+ average monthly revenue per paid subscriber increased from $7.99 to $8.06 due to increases in pricing, partially offset by lower advertising revenue.\n<\/p>\n \nInternational Disney+ average monthly revenue per paid subscriber increased from $7.19 to $7.52 due to the impact of subscriber mix shifts and increases in pricing, partially offset by an unfavorable foreign exchange impact.\n<\/p>\n \nHulu SVOD Only average monthly revenue per paid subscriber decreased from $12.52 to $12.36 due to lower advertising revenue, partially offset by increases in pricing.\n<\/p>\n \nHulu Live TV + SVOD average monthly revenue per paid subscriber increased from $99.22 to $99.94 due to increases in pricing, partially offset by lower advertising revenue.\n<\/p>\n Content Sales\/Licensing and Other<\/i><\/p>\n \nContent Sales\/Licensing and Other revenues and operating income (loss) were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,146\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,389\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income (loss)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n153\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(18\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nnm\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe improvement in operating results was due to:\n<\/p>\n \n- \nHigher TV\/VOD distribution results due to an increase in sales of episodic content including an impact from the timing of episodes delivered\n<\/li>\n
- \nAn increase in home entertainment distribution results driven by the performance of Moana 2<\/i> in the current quarter\n<\/li>\n
- \nTheatrical distribution results were comparable to the prior-year quarter, as the carryover performance of first quarter releases, Mufasa: The Lion Kin<\/i>g and Moana 2<\/i>, was largely offset by the results of second quarter releases, Snow White<\/i> and Captain America: Brave New World<\/i>, including the costs of their initial marketing campaigns. <\/i>There were no significant titles released the prior-year quarter.\n<\/li>\n<\/ul>\n
Sports<\/span><\/b><\/p>\n\nSports revenues and operating income (loss) were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nESPN\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n4,155\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,866\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n379\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n341\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,534\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,207\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStar India\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n105\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(100\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n4,534\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n4,312\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income (loss)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nESPN\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n648\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n780\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(17\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n19\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n669\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n799\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(16\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStar India\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(27\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in the income of investees\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n687\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n778\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(12\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Domestic ESPN<\/span><\/p>\n\nThe decrease in domestic ESPN operating results in the current quarter compared to the prior-year quarter reflected:\n<\/p>\n \n- \nHigher programming and production costs primarily attributable to airing three additional College Football Playoff (CFP) games as well as one additional NFL game due to timing\n<\/li>\n
- \nAdvertising revenue growth due to increases in rates and average viewership. The increase in advertising revenue included a benefit from airing additional CFP and NFL games\n<\/li>\n
- \nA modest increase in affiliate revenue reflecting higher effective rates, largely offset by fewer subscribers\n<\/li>\n<\/ul>\n
Star India<\/span><\/p>\n\nThe operating loss in Star India in the prior-year quarter reflected Indian Premier League cricket programming.\n<\/p>\n Key Metrics – Second Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2025<\/span><\/p>\n\nIn addition to revenue, costs and operating income, management uses the following key metrics(1)<\/sup> to analyze trends and evaluate the overall performance of our ESPN+ DTC product offering, and we believe these metrics are useful to investors in analyzing the business. The following table is on a sequential quarter basis.\n<\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nDecember 28,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPaid subscribers at: (in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24.1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24.9\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAverage Monthly Revenue Per Paid Subscriberfor the quarter ended:\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6.58\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6.36\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nSee discussion on page 16\u2014DTC Product Descriptions and Key Definitions\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nESPN+ average monthly revenue per paid subscriber increased from $6.36 to 6.58 primarily due to increases in pricing and the impact of subscriber mix shifts.\n<\/p>\n Experiences<\/span><\/b><\/p>\n\nExperiences revenues and operating income were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nParks & Experiences\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6,499\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,958\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,441\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,522\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsumer Products\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n949\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n913\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8,889\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8,393\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nParks & Experiences\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,823\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,607\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n225\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n292\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(23\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsumer Products\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n443\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n387\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,491\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,286\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Domestic Parks and Experiences<\/span><\/p>\n\nOperating results at our domestic parks and experiences increased compared to the prior-year quarter primarily due to growth at our domestic parks and resorts and, to a lesser extent, Disney Vacation Club and Disney Cruise Line reflecting:\n<\/p>\n \n- \nHigher volumes attributable to increases in passenger cruise days, theme park attendance, occupied room nights and Disney Vacation Club unit sales. Additional passenger cruise days reflected the launch of the Disney Treasure<\/i> in the first quarter of the current year\n<\/li>\n
- \nAn increase in guest spending due to higher spending at our theme parks\n<\/li>\n
- \nIncreased costs primarily attributable to the fleet expansion at Disney Cruise Line and inflation\n<\/li>\n<\/ul>\n
International Parks and Experiences<\/span><\/p>\n\nThe decrease in operating income at our international parks and experiences was attributable to Shanghai Disney Resort and Hong Kong Disneyland Resort due to lower theme park attendance and increased costs.\n<\/p>\n Consumer Products<\/span><\/p>\n\nThe increase in operating income at consumer products was due to higher licensing revenue, including a benefit from the release of the licensed game, Marvel Rivals.<\/i><\/p>\n OTHER FINANCIAL INFORMATION<\/b><\/p>\n Restructuring and Impairment Charges<\/span><\/b><\/p>\n\nCharges in the current quarter were $109 million for content impairments. Charges in the prior-year quarter were $2,052 million primarily for goodwill impairments related to Star India and entertainment linear networks.\n<\/p>\n Interest Expense, net<\/span><\/b><\/p>\n\nInterest expense, net was as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(471\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(501\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest income, investment income and other\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n125\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n190\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(34\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(346\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(311\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(11\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe decrease in interest expense was due to lower average rates and debt balances, partially offset by a decrease in capitalized interest.\n<\/p>\n \nThe decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost, the impact of lower cash and cash equivalent balances and net investment losses in the current quarter.\n<\/p>\n Equity in the Income of Investees<\/span><\/b><\/p>\n\nEquity in the income of investees was as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmounts included in segment results:\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEntertainment\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n124\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n138\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSports\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n>100 %\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in the loss of India joint venture\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(103\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nnm\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of TFCF Corporation (TFCF) intangible assets related to an equity investee\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in the income of investees\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n141\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(74\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIncome from equity investees decreased $105 million, to $36 million from $141 million, due to losses from the India joint venture in the current quarter.\n<\/p>\n Income Taxes<\/span><\/b><\/p>\n\nThe effective income tax rate was as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome before income taxes\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,087\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n657\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax (benefit) expense\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(314\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n441\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffective income tax rate\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10.2\n<\/p>\n<\/td>\n | \n \n)%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n67.1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe effective income tax rate in the current quarter reflected a non-cash tax benefit from the resolution of a prior-year tax matter.\n<\/p>\n \nThe effective income tax rate in the prior-year quarter reflected an unfavorable impact from goodwill impairments, which are not tax deductible, partially offset by a non-cash tax benefit in connection with the Star India Transaction.\n<\/p>\n \nExcluding the impact of these items, the effective income tax rate would be 22.7% in the current quarter compared to 20.7% in the prior-year quarter.\n<\/p>\n Noncontrolling Interests<\/span><\/b><\/p>\n\nNet income attributable to noncontrolling interests was as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to noncontrolling interests\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(126\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(236\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n47\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe decrease in net income attributable to noncontrolling interests was dueto costs in connection with the purchase of NBCU\u2019s interest in Hulu in the prior-year quarter and lower results at ESPN, Shanghai Disney Resort and, to a lesser extent, Hong Kong Disneyland Resort.\n<\/p>\n \nNet income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.\n<\/p>\n Cash from Operations<\/span><\/b><\/p>\n\nCash provided by operations and free cash flow were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by operations\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n9,958\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,851\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n4,107\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInvestments in parks, resorts and other property\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4,328\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,558\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,770\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFree cash flow(1)<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n5,630\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n3,293\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,337\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nFree cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 17 through 21.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCash provided by operations increased $4.1 billion to $10.0 billion in the current period from $5.9 billion in the prior-year period driven by:\n<\/p>\n \n- \nLower tax payments in the current period compared to the prior-year period due to payments in the first half of fiscal 2024 for U.S. federal and California state income taxes related to fiscal 2023 that had been deferred pursuant to relief related to 2023 winter storms in California. In addition, fiscal 2025 U.S. federal and California state income tax payments have been deferred until October 2025 pursuant to relief related to the 2025 wildfires in California.\n<\/li>\n
- \nHigher operating income and, to a lesser extent, lower spending on content at Entertainment\n<\/li>\n<\/ul>\n
Capital Expenditures<\/span><\/b><\/p>\n\nInvestments in parks, resorts and other property were as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEntertainment\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(522\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(522\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSports\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExperiences\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3,022\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,198\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(561\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(466\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Experiences\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3,583\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,664\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(223\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(371\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal investments in parks, resorts and other property\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(4,328\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(2,558\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nCapital expenditures increased to $4.3 billion from $2.6 billion due to higher spend on cruise ship fleet expansion at the Experiences segment.\n<\/p>\n Depreciation Expense<\/span><\/b><\/p>\n\nDepreciation expense was as follows:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29,
\n
2025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMarch 30,
\n
2024\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEntertainment\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n355\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n332\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSports\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n22\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExperiences\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDomestic\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n951\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n850\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInternational\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n379\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n353\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Experiences\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,330\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,203\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCorporate\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n160\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n105\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal depreciation expense\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,866\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,662\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n THE WALT DISNEY COMPANY<\/b><\/p>\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n (unaudited; $ in millions, except per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nQuarter Ended\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSix Months Ended\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nMarch 29, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |